UPDATE 2-Greece's NBG nears deal to sell property unit-sources

Sun Nov 17, 2013 12:15pm EST
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* Invel Real Estate to buy about 66 pct of NBG's Pangaia property unit

* Deal to be partly financed by NBG

* NBG to retain management for 5 years

By George Georgiopoulos

ATHENS, Nov 17 (Reuters) - National Bank of Greece, the country's largest lender, is close to clinching a deal to sell a majority stake in its fully-owned real estate arm Pangaia to private equity firm Invel Real Estate, two bankers close to the deal told Reuters on Sunday.

The sale is part of restructuring efforts by National Bank (NBG) aimed at boosting its capital base.

Greece's top four banks are implementing restructuring plans agreed with the European Commission as part of conditions imposed for their bailouts. The plans involve job cuts, branch closures and asset sales.

"The agreement will close in the next 10 days. Invel will acquire about 66 percent of Pangaia for more than 600 million euros ($808 million)," one of the bankers said.

Invel will pay part of the purchase price for Pangaia in cash, contribute equity in the form of real estate and finance the rest with a loan from National Bank, the bankers said.   Continued...